Pakistan Courts Overseas Exchanges With Virtual Asset License Offers

Pakistan has opened its doors to international crypto exchanges and virtual asset service providers by inviting them to apply for licenses to operate under its newly formed regulatory authority.

The Pakistan Virtual Assets Regulatory Authority (PVARA), created under the Virtual Assets Ordinance 2025, reportedly issued a call for Expressions of Interest this Saturday from firms already operating in other major jurisdictions.

With over 40m users and an estimated $300b in annual trading volume, Pakistan’s virtual asset market shows rapid growth, but until now it has remained largely unregulated.

Authorities say the licensing drive aims to curb illicit finance while also providing a stable framework for fintech innovation.

PVARA wants applicant companies to already hold licenses from prominent regulators such as the US SEC, the UK Financial Conduct Authority, the EU’s VASP framework, the UAE’s Virtual Assets Regulatory Authority, or the Monetary Authority of Singapore.

Bilal bin Saqib, CEO of Pakistan Crypto Council, told Cryptonews in an earlier interview that the cost of doing business in the country is much cheaper than elsewhere.

“We have access to amazing talent. We are in a very strategic location. For blockchain and crypto, what you need is great human resource,” he said.

Pakistan is consulting with global regulators to build a “Pakistan-first” crypto framework, Crypto Council CEO @Bilalbinsaqib told Cryptonews. #Pakistan #CryptoCouncilhttps://t.co/GZ9vkwUTo5

Submissions must include detailed company profiles, licensing information from other jurisdictions, track records in compliance – especially on anti-money laundering, counter-terrorism financing, and know-your-customer standards. Applicants must also define their proposed business model for operating in Pakistan.

The licensing framework also includes regulatory sandboxes to foster innovation, including products compliant with Shariah law. PVARA said these measures will align Pakistan’s virtual asset sector with international norms set by institutions like the Financial Action Task Force, IMF, and World Bank.

Applications will be accepted on a rolling basis via email, giving eligible firms flexibility to submit when ready.

The Virtual Assets Ordinance came into force on July 8, 2025, establishing PVARA with the power to license, regulate and supervise virtual asset service providers across Pakistan.

PVARA’s governing board includes heads of key institutions such as the State Bank of Pakistan, the Securities and Exchange Commission, and the Federal Board of Revenue. It must ensure strong cybersecurity frameworks and consumer protection alongside preventing illicit financial flows.

Officials describe this as a pivotal step toward integrating Pakistan’s digital-asset economy with global financial practices while offering legal clarity to investors and consumers.

Earlier this year, Pakistan boosted its commitment to crypto regulation by launching the Pakistan Crypto Council, appointing Binance founder Changpeng Zhao as a strategic adviser and working to build infrastructure and policy support.

As the regulatory framework settles, the government hopes that this licensing regime will signal stability to foreign investors while providing Pakistani users with safer, regulated options.

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